Published on 1/23/2020 in the Prospect News High Yield Daily.
New Issue: Icahn prices upsized $300 million tap of 4¾% notes due 2024 at 102
By Paul A. Harris
Portland, Ore., Jan. 23 – Icahn Enterprises LP and Icahn Enterprises Finance Corp. priced an upsized $300 million add-on to their 4¾% senior bullet notes due Sept. 15, 2024 (expected ratings Ba3/BB+) at 102 in a quick-to-market Thursday trade.
The deal, which was upsized from $250 million, priced on top of price talk.
Jefferies LLC was the bookrunner.
The New York-based diversified holding company plans to use the proceeds to redeem its 5 7/8% senior notes due 2022.
| Issuers: | Icahn Enterprises LP and Icahn Enterprises Finance Corp.
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | Sept. 15, 2024
|
| Security description: | Add-on to 4¾% senior notes due Sept. 15, 2024
|
| Bookrunner: | Jefferies LLC
|
| Coupon: | 4¾%
|
| Price: | 102
|
| Yield to worst: | 4.268%
|
| Trade date: | Jan. 23
|
| Settlement date: | Jan. 28 with accrued interest
|
| Expected ratings: | Moody's: Ba3
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 102
|
| Original issue: | $500 million priced in September 2019
|
| Previous add-on: | $300 million priced on Jan. 6, 2020
|
| Total issue size: | $1.05 billion
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
